Bengaluru Businessmen Set Up Bitcoin ATM At Mall, Caught

Two businessmen, founders of a firm engaged in banned crypto currency exchange, have been caught, days after their firm launched a Bitcoin ATM kiosk at a mall Bengaluru, in violation of RBI norms, police said Wednesday.

Sathvik V was arrested Wednesday, a day after the detention of the other co-founder Harish BV, Police also sealed the bitcoin ATM. They took away two laptops, a mobile phone, a device for crypto currencies and Rs. 1.79 lakh.

Their firm inaugurated the ATM kiosk in a city mall last week, without permission from the competent authorities, police said.

In July, RBI had told the Supreme Court that allowing dealings in crypto currencies like bitcoins would encourage illegal transactions and issued a circular prohibiting their use.